\u3000\u3 Shengda Resources Co.Ltd(000603) 369 Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) )
Event: the company issued an announcement and received the resignation application of chairman Zhou suming. Due to his retirement, Zhou suming resigned from the positions of chairman of the company, director, chairman of the strategy committee of the board of directors and member of the Nomination Committee; After his resignation, Zhou suming will be the honorary chairman of the company. At the same time, Gu Xiangyue, vice chairman of the company, was elected as chairman of the company, chairman of the strategy committee of the board of directors and member of the nomination committee of the board of directors.
Retirement at the age of has long been expected, and the normal docking of resources will not hurt the overall situation. Chairman Zhou is 60 years old and has reached the normal retirement age. The handover announcement has long been expected, and the power has been smoothly transferred before. At present, President Zhou, as a deputy to the National People's Congress, plans to be the honorary chairman of the company, and can still realize the normal connection between his own resources and the company. During his term of office, chairman Zhou attached great importance to the deep cultivation of Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) in the provincial market, which brought the continuous and steady growth of the company's performance and made great contributions to the development of the company.
The new chairman is proactive, experienced and innovative. In recent years, the new chairman has gone deep into the front line of the market, is close to the market, has a strong sense of hardship, and has a clear understanding of the company's own advantages and disadvantages and corresponding solutions. In the internal and external meetings, President Gu showed a strong fighting spirit, such as the establishment of a 35 person business department outside the province, which reflected his determination to expand the company outside the province. General manager Gu is very familiar with the operation of the company's business lines and has a tacit understanding with leaders at all levels, including dealers, which has won wide praise.
Investment suggestion: V series continues high growth, smooth four opening and upgrading, and the current price is stable and the inventory is benign. The medium and long-term K-series steady growth ensures the profit elasticity brought by the high growth of the basic sector and V-series, opens the growth space for expansion outside the province, and clearly divides the functions and powers through the brand business division system, so as to improve the promotion and marketing ability. In addition, the company's equity incentive has been promoted in an orderly manner, and the "14th five year plan" goal is expected to be completed with high quality. It is estimated that the company's earnings per share in 2021, 2022 and 2023 will be 1.61, 2.05 and 2.52 yuan respectively. It maintains the Buy-A investment rating and gives a six-month target price of 62 yuan, which is equivalent to the dynamic P / E ratio of 30x in 2022. At present, the company's share price corresponds to only 20 times of PE in 2022.
Risk tips: macroeconomic and policy risks, food safety problems, and the risk of development outside the province is less than expected
